MIRA INFORM REPORT
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Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
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Name : |
STAR
LINE INTERNATIONAL |
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Registered Office : |
c/o Akin CPA Ltd., 20/F., Champion Building, 287-291 Des Voeux Road, Central, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.01.2011 |
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Com. Reg. No.: |
53624128-000-10 |
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Legal Form : |
Sole Ownership Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamonds and jewellery, etc |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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Litigation : |
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
STAR LINE
INTERNATIONAL
Company ADDRESS
c/o Akin CPA Ltd.
20/F., Champion Building, 287-291 Des Voeux Road, Central, Sheung Wan, Hong Kong.
PHONE: 2541 4224
FAX: 2541 4225
MANAGEMENT
Manager: Mr. Rajiv Bharatkumar Jangla
SUMMARY
Establishment: 17th January, 2011.
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
c/o Akin CPA Ltd.
20/F., Champion Building, 287-291 Des Voeux Road, Central, Sheung Wan, Hong Kong.
Parent Company:-
Brave Art Ltd., Hong Kong. (See attachment)
BUSINESS REGISTRATION NUMBER
53624128-000-10
MANAGEMENT
Manager: Mr. Rajiv Bharatkumar Jangla
SOLE OWNER
Brave Art Ltd., Hong Kong.
HISTORY
The subject was established on 17th January, 2011 as a sole ownership firm with Brave Art Ltd. as the proprietor under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Diamonds and jewellery, etc.
Employees: Nil.
Commodities Imported: India, etc.
Markets: Japan, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Too early to comment
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Star Line International is set up and operated by Brave Art Ltd. [Brave Art] which is a Hong Kong registered firm.
The subject does not have its own operating office. Its registered office is in an accountant firm located at ‘20/F., Champion Building, 287-291 Des Voeux Road, Central, Sheung Wan, Hong Kong’ known as ‘Akin CPA Ltd.’ which is handling its correspondences and documents.
The registered address of Brave Art is also located at the above-mentioned address.
Established in January, 2011, the subject is managed by Mr. Rajiv Bharatkumar Jangla who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Currently, JANGLA is residing in Mumbai, India.
The subject has no employees in Hong Kong.
According to the subject, it is a trading company and offering clients with services.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the other Asian countries. The subject also trades in other commodities as entrusted by customers. It is also a commission agent. Business is still under development.
Brave Art has just issued 1 ordinary share of HK$1.00 and taken by Company Kit Secretarial Services Ltd. The director of the subject is Rajiv Bharatkumar Jangla.
It is likely that the subject has got an associated company in India which is also operated by Jangla.
It is likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History is just over eight months.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
Company name
BRAVE ART
LTD.
Company ADDRESS
20/F., Champion Building, 287-291 Des Voeux Road, Central, Sheung Wan, Hong Kong.
BUSINESS REGISTRATION NUMBER
53624128
COMPANY FILE NUMBER
1516455
DATE OF INCORPORATION
18th October, 2010.
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
SHAREHOLDER
(As per registry
dated 18-10-2010)
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Name |
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No. of share |
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Company Kit Secretarial Services Ltd., Hong Kong. |
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1 = |
DIRECTOR
(As per registry
dated 17-01-2011)
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Name (Nationality) |
Address |
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Rajiv Bharatkumar JANGLA |
3/48, Moti Mansion, Khetwadi Lane, S.V.P. Road, Mumbai 400 004, India. |
SECRETARY
(As per registry
dated 17-01-2011)
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Name |
Address |
Co.
No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road, Central, Sheung Wan, Hong Kong. |
1273165 |
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis the Indian diamond industry
has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months ago, they had not
repaid these dues. Bankers believe many diamantaires borrowed money during
the economic downturn two years ago and diverted funds to businesses like real
estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.24 |
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UK Pound |
1 |
Rs.76.80 |
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Euro |
1 |
Rs.67.17 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
NB |
New Business |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.